90. Defence to prosecutions

Question 1

90. Defence to prosecutions

Answer 1

General overview
[90.01] This section provides that it is a defence to a prosecution under the relevant sections of the Act if the defendant proves that his failure was due to him being unaware of a fact or occurrence the existence of which was necessary for the offence, i.e that he became a substantial shareholder, or ceases to be such. He must be unaware either on the date of the summons or he becomes aware less than seven days before the date of the summons.

Question 2

Presumption of knowledge

Answer 2

[90.02] Section 90(2) provides that a person shall be presumed to have been aware of a fact or occurrence if he (or his employee or agent has such duties in relation to his principal’s interest as the case may be) would have been aware, or if he had acted with reasonable diligence in the conduct of his affairs.